Forex: GBP/USD back above 1.6200

  @ibtimes on

FXstreet.com (Buenos Aires) - Pound is back above 1.6200 after losing more than 250 pips from Asian high, in what could be consider a corrective movement due to the extreme oversold conditions reached in the hourly chart. Quoting around 1.6220, pair will find first resistance at the 1.6250/60 area, followed by 1.6300, actually not seen at this point. Under 1.6200, pair will find supports at 1.6160 area, today's low, followed by stronger 1.6110, this month lows. Once under that level, pair could resume downtrend in the midterm.

GBP/JPY reached 146.40 before rebounding to the upside, and a confirmation under that level will be key, as will confirm a double roof figure in the daily chart, suggesting also a resume of the bearish trend in the cross. From current level, resistances lie at 147.45, 148.00 and 148.60, while under mentioned 146.60 next supports will come at 146.00 and 145.30 area.

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